One of America’s most trusted government programs is in deep trouble, but no one seems to want to believe it. Candidly, the fragility of our economy coupled with unrestrained government spending should shock taxpayers.
The Social Security Board of Trustees released its 2016 report in mid-June, a yearly report card capturing lots of numbers to reflect the health of the government retirement program. The status of Social Security has not improved and is declining. A few excerpts:
– Social Security will be insolvent, unless dramatically reformed, by 2034 – in less than two decades.
– 2022 is the first year, according to the Social Security Administration (SSA), that “cost exceeds total income.” That’s just six years.
– In 2015, the report recorded a $26 trillion fiscal gap between obligations of the program to participants compared to anticipated collections from wages, taxes.